While Ghaziabad has more affordable property options, Noida seems to promise a better lifestyle for home buyers given the city’s well-developed infrastructure
Noida and Ghaziabad are connected by NH 24 and are about 45-minute drive from each other. And both the destinations have been hot property centres for prospective buyers.
To help you choose between the two, HappyKeys gives a lowdown on what to expect when investing in these two cities.
The basic difference
While on the one hand Ghaziabad has more affordable options, Noida promises better lifestyle.
“The basic cost in Ghaziabad comes out to be around Rs 30-35 lakh while projects in Noida are priced around Rs 40 lakh,” says Sued Shakeel of Sai Investors & Finance. “However, Noida has seen better infrastructure development in terms of roads and civic amenities. Plus, with more number of high-end projects, the numbers of retail options are more. Thus it gives Noida a better livability quotient as compared to Ghaziabad.”
With Ghaziabad offering more options in the affordable and low-income housing category, if budget is a key factor, then the micro-markets here are a good option.
According to HappyKeys research, with locations such as Raj Nagar Extension, Crossings Republik, Ankur Vihar and Bhopura still offering properties in a price band of Rs 2,300-4,000 per square feet, Ghaziabad comes as an ideal choice for those with a limited budget.
In case Noida is your location of choice, the area does offer attractive rates primarily due to the ‘absorption’ rate. Some areas like the Yamuna Expressway and Noida Extension have large inventories and absorption seems to be continuing to be slow. Homes in areas with low absorption rate are less costly.
Real estate brokers however have a word of caution for prospective buyers in this market.
“Buyers need to keep in mind homes in areas with low absorption rate but are suitable only for long-term investors and have a time frame of at least 5-10 years,” says S Rostogi of Rastogi Home Services. “Thus, ideally you should invest in such properties only if you are an end user with no plans to dispose the property in the near future.”
Ghaziabad has been marked for development as a smart city. The development authority of Ghaziabad plans to put up informative LEDs running on solar energy, free Wi-Fi access to residents of Ghaziabad for a limited period in the future. Also currently, Ghaziabad is going through infrastructure development — from metro connectivity to flyovers and roads.
Noida on the other hand has already got fund allocations and several infrastructural projects are underway and nearing completion. This includes the likes of The Noida Metro Rail Corporation (NMRC) which has started work on the Noida-Greater Noida Metro.
Simultaneously, Greater Noida Industrial Development Authority (GNIDA) plans to set up its own power plant, which will provide uninterrupted power supply to the region, which has already started the land allocation process.
“The primarily difference between Ghaziabad and Noida today is that though the developers are offering similar projects, the latter has more established,” says Rastogi.
“In Ghaziabad, large infrastructure development is either underway or has been planned.”
Availability of properties
Some of the established names with projects in Noida, according to HappyKeys, include the likes of Wegmans, the Lotus Group, Apex, Supertech and Jaypee. Broadly, the projects available begin from a rate of about Rs 37 lakh for a 2BHK and go upwards for luxury projects.
Well-known names with projects in Ghaziabad include ABA, Shipra, Amrapali and Wave City. The price range for a 2BHK starts from as low as Rs 27 lakh and goes as high as Rs 5-6 crore and above for high-end properties.